Intraday trading has made a big comeback over the past few months.
People are making money hand over fist in a directional market with breathtaking range. The same people who insisted that the market had changed are back to their old ways. And this is usually the time to remind oneself that a good market often hides a multitude of sins.
Let’s take a walk down memory lane. I’ve applied my own range indicator with a two-month rolling window.

October 2007: Insane range in a directional market. Can’t do any wrong if you’re long and strong. Anything works, so long as you don’t stand in front of the speeding train.

October 2006: Low range directional market. The “directional” part saves swing traders but intraday trading is not that easy.

October 2005: Low range choppy market. “The market has changed” becomes the mantra.

October 2004: Low range choppy market. “The market has changed”.

October 2003: Low range directional market. Tough conditions for intraday trading, while swing traders would not touch tech stocks with a ten-foot pole.